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TMI Blog2014 (1) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... dition of Rs.59,878/- being 1/3rd share of the assessee on account of Short Term Capital Gains arising out of sale of property vide sale deed No.4915 of 2005. As per registration authority, the market value adopted to collect stamp duty in respect of this property was at Rs.7,79,635/-, whereas the assessee has shown sale price at Rs.6,00,000/-. The Assessing Officer, therefore, adopted sale value of the property at Rs.2,59,878/- being 1/3rd share of Rs.7,79,635/-. The Assessing Officer accordingly worked out capital gains at Rs.59,878/- on the sale value of the property at Rs.2,59,878/- being 1/3rd share of Rs.7,79,635/- and included the same in taxable income of all the three assessees. On appeal, in the impugned order, the ld. CIT(A) conf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ir market value of property u/s 50(C)(2) of the I.T. Act. 3. That, the findings of the learned CIT(A) are not justified and bad in law." 3. At the time of hearing, on behalf of the assessee, Shri Kalpesh Doshi, CA appeared and contended that before the Assessing Officer the assessee objected to the adoption of stamp duty valuation of Rs.7,79,635/- (Rs.2,59,878 x 3) for the purpose of computing capital gains, which are reproduced by the Assessing Officer in the assessment order and are as under:- "With reference to above I have to say that many shepherds are staying near location of the plot so cows & buffaloes are roaming/staying around by & the size of the plot is so odd (was in depth with less front) that there can't be any sub ploting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed [or assessable] by any authority of a State Government (hereafter in this section referred to as the "stamp valuation authority") for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed [or assessable] shall, for the purposes of section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. (2) Without prejudice to the provisions of sub-section (1), where-- (a) the assessee claims before any Assessing Officer that the value adopted or assessed [or assessable] by the stamp valuation authority under sub- section (1) exceeds th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der sub-section (2) exceeds the value adopted or assessed [or assessable] by the stamp valuation authority referred to in sub-section (1), the value so adopted or assessed [or assessable] by such authority shall be taken as the full value of the consideration received or accruing as a result of the transfer.] On the reading of aforesaid provisions, it is clear that Finance Act, 2002, w.e.f. 1st April 2013, has inserted a new Section 50C of the Act to make a special provision for determining the full value of consideration in cases of transfer immovable property. Section 50C(1) of the Act provides that where the consideration declared to be received or accruing as a result of the transfer of land or building or both, is less than the value ..... X X X X Extracts X X X X X X X X Extracts X X X X
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